Are you currently planning a retirement package or even have one set up and also happen to be looking for martial separation or divorce? You may need to protect your retirement benefits from a qualified domestic relations order. Here are a few essential facts about QDROs that are important to know.
What exactly is a Qualified Domestic Relations Order?
A QDRO can legally establish the right for another payee to receive portions of recipient’s retirement benefits, which can include yours in this case. However, for a QDRO to be legal, it must first be ordered and approved by a Ft. Walton Beach, FL court, but there are instances where a higher agency than the one in Ft. Walton Beach can order and approve a QDRO but these instances are very rare. You will more than likely be taking up the QDRO in a local court.
Qualified domestic relations orders are part of the Florida domestic relations laws and also relate to laws concerning community property in the state. This means that QDROs can be commonly found written into divorce papers, but that doesn’t mean you can let your guard down when it comes to a qualified domestic relations order. This is because certain court-issued orders, which can include child support or alimony in this case, can serve as a qualified domestic relations order in itself.
Are Your Retirement Benefits Subject to a QDRO?
This is all dependent on any debts that you may owe, such as child support or alimony. In these instances, the payments must be court approved beforehand and then a QDRO can be used to ensure payment is in full and on time. However, in the case of divorce, things are different. Retirement benefits, such as yours, are only subject to a QDRO if it is specifically stipulated in the court ordered and legally mandated divorce papers. Regardless, these are just examples and every case is going to be different, including yours. This is why a Ft. Walton Beach, FL law office can help you with any questions or concerns.
As a Ft. Walton Beach, FL resident looking to protect their retirement package, you need to know your legal rights and the complicated domestic relations laws in the state of Florida. Contact us immediately and our professionals can help you with your legal actions.